Asia
Market Chatter: Samsung F&M Insurance, Samsung Life Plan to Acquire Canopius
Samsung Fire & Marine Insurance (KRX:000810) and Samsung Life Insurance (KRX:032830) plan to take over London-based reinsurance firm Canopius by purchasing an additional 50% stake for more than 2 trillion won, the Korea Economic Daily reported Thursday.The two Samsung affiliates currently hold a combined 40% stake in Canopius. The firms are expected to fund the stake purchase with dividends from Samsung Electronics (KRX:005930), which had reported record operating profit in the second quarter, according to the report.The two firms are expected to sign a deal with major shareholders, including asset manager Centerbridge Partners, the report said, citing unnamed industry sources.The Samsung affiliates said that no decision has been made, while Samsung Life said it was reviewing investment opportunities, both at home and abroad, to identify new growth drivers, without reaching any specific decision on a possible equity investment in a U.S. insurer, the report said.Samsung and Canopius did not immediately respond to' request for comment.Shares of Samsung Fire & Marine Insurance jumped nearly 4% in recent trade, while those of Samsung Life Insurance added nearly 3%. Shares of Samsung Electronics rose over 1%.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
KRX:000810KRX:005930KRX:032830
